Online fashion retailer Myntra today said it expects international brands to account for 15 per cent of its revenues in the next 12-18 months as it adds more global labels to its portfolio.
The Flipkart-owned company, which currently gets about 5 per cent of its revenues from international brands, has partnered New York-based fashion house DKNY to bring its apparel and accessories to Indian consumers.
"Myntra forayed into the premium wear segment in November 2014 with brands such as Desigual, New Look, Furla, Mango, Superdry, Emporio Armani, L'occitane, to name a few, and is now rapidly expanding this segment," Myntra said in a statement.
International brands currently contribute around 5 per cent of Myntra's total revenue and is expected to increase to 15 per cent in the next 12-18 months, it added.
As part of the tie-up with DKNY, the app-only Myntra will offer about 150 styles of products ranging from apparel, handbags, shoes, wallets, in addition to watches that were launched earlier.
The products are priced between Rs 5,800 and Rs 39,000.
According to a recent study by Assocham, Indian shoppers are likely to spend USD 35 billion on online luxury brands by 2016, making India a promising growth platform for the luxury industry.
"Bringing some of the leading premium international brands to India such as DKNY has helped us strengthen our offering across categories and allow our consumers to experience the latest in fashion globally, in India," Myntra Chief Marketing Officer and Head, International Brands, Gunjan Soni said.
Myntra has partnered with over 2,000 fashion and lifestyle brands in India like Nike, Adidas, Arrow, Mango, Jealous 21, Diesel, Harley Davidson, Ferrari, FabIndia and Biba.
